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SimplyBiz backs workplace robo-adviser

SimplyBiz Group will be including a robo-advice service on its employee benefits software.

Moneygym will be included on the software for Staffcare - the employee benefits arm of the SimplyBiz Group - as part of its total workplace benefits product, following an agreement with its developer Portus.

It is an online financial planning tool which allows users to enter their financial data and calculate their long-term income requirements.

They can then model changes to their savings, pension, property, investments and other income and expenses using interactive functions.

This service is available only through Staffcare and not via other divisions of the SimplyBiz Group.

“The environment for employers and employees has never been more demanding, especially with the new pension freedoms and an ageing workforce driving focus on financial wellness and planning.

“By integrating Moneygym into our proposition, employers will now be able to provide their employees with ready access to financial guidance to help them plan ahead and make the right choices.”

Moneygym has been sold to 6,000 users to date and new functionality, including Isa purchasing, will be introduced soon.

Dave Middleton, chief executive of Portus, said: “We’re delighted to be working with Staffcare to bring Moneygym to a wider audience.

“Moneygym is designed to help employers provide their employees with support in managing their long-term savings and financial decisions, including making the most of their benefits.

“This is a great way for employers to support the wellbeing of their staff by reducing the likelihood of financial stress and helping them tackle complex retirement decisions in a simple and user friendly way.”